(Yicai Global) May 10 -- China's shopping mall composite index rose 0.3 percentage points to 67.5 in the first quarter, a more modest gain compared with last year despite some big investment deals.

Young and fashionable malls that offer families a one-stop shop were the main growth drivers, the commerce ministry said in a report on its website. Factors such as improving transport services and increasing resident population benefited regional retail properties, it added. The index fell 0.8 points from a year earlier.

In China, the world's largest e-commerce market, brick-and-mortar stores are not out for the count as investors -- particularly the country's internet giants -- make deals based on a belief that shoppers still want to visit brick-and-mortar stores despite an array of online options.